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May 24, 2013

Exxon still waiting for ruptured Pegasus pipeline test results

NEW YORK May 24 (Reuters) – Exxon Mobil Corp is
still waiting for test results from the ruptured section of its
95,000 barrel-per-day (bpd) Pegasus pipeline, almost two months
after it spewed 5,000 barrels of oil into an Arkansas suburb,
the company said on Friday.

The Pegasus spill intensified the debate about the safety of
transporting oil from Canada’s tar sands across the United
States. After a second far-smaller spill was discovered on the
nearly 70-year-old line in Missouri last month, speculation has
mounted the line could be down for much longer than initially
anticipated.

May 16, 2013

Canada PM touts Keystone pipeline in U.S., says must be approved

NEW YORK, May 16 (Reuters) – Canadian Prime Minister Stephen
Harper turned into a pitch man for TransCanada Corp’s
Keystone XL oil pipeline on Thursday, telling a New York
audience the project is so important that Washington has to
approve it.

President Barack Obama is under pressure from environmental
groups to veto the northern section of the proposed $5.3 billion
pipeline, which would take crude from the Alberta tar sands in
Western Canada to refineries in Texas.

May 15, 2013

Wall St commodity slump deepens in Q1, led by Morgan Stanley

NEW YORK, May 15 (Reuters) – Global investment banks
suffered another bruising decline in commodity trading in the
first three months of this year, new reports showed on
Wednesday, with Morgan Stanley’s revenues collapsing to a
quarter of what they were a year ago.

While industry heavyweights Goldman Sachs and
JPMorgan reported slightly higher revenues year-on-year
in detailed quarterly filings made with the SEC in the past
week, the overall sector continues to be squeezed by increased
regulation, tepid markets, and low levels of client activity.

May 9, 2013

Analysis: Collapse in Brent-WTI oil spread spooks refiners, railways

NEW YORK (Reuters) – After almost three years of churning bumper profits from the massive price gap between the world’s two most actively traded crude oil contracts, traders, refiners, railways and investors are all asking the same question: Is the game finally coming to a close?

The near $20 premium North Sea Brent held for much of 2012 over U.S. benchmark West Texas Intermediate (WTI) has fallen to less than $8 a barrel, the lowest since the crude-by-rail boom began to gather steam in early 2011.

May 1, 2013

Texas oil sails to Canada, refiners fume over tanker law

NEW YORK/LONDON, May 1 (Reuters) – Oil traders including
commodities giant Trafigura and Australian bank Macquarie have
quietly begun shipping U.S. crude oil from Texas to Canada,
raising the ire of U.S. East Coast refiners who may pay four
times as much for a similar voyage.

In the latest oil trading trend to emerge from the
unexpected boom in U.S. shale production, the firms have hired
at least seven foreign-flagged tankers to run the route to
Canada this year, most of them for the first time, according to
market sources and data analyzed by Reuters.

Apr 12, 2013

Brent oil hits 9-month low near $101, bounces on spread trade

NEW YORK, April 12 (Reuters) – Brent crude oil fell to a
nine-month low near $101 a barrel on Friday as a broad investor
sell-off in commodities triggered a fall as much as $3 a barrel,
but the global oil benchmark pared losses in afternoon New York
trade as bargain hunters emerged.

The cross-commodity rout started in gold on Friday after the
precious metal fell below $1,500 an ounce for the first time
since July 2011. An unexpected contraction in U.S. retail sales
added to pressure on oil, grains and metals as investors moved
into cash.

Apr 11, 2013

Exclusive: Goldman explores sale of Metro metals warehouse business

NEW YORK (Reuters) – Goldman Sachs (GS.N: Quote, Profile, Research, Stock Buzz) has explored a sale of its metals warehousing business Metro International LLC, three sources with knowledge of the matter told Reuters, just three years after the investment bank bought the firm for $550 million.

Detroit-based Metro has attracted the scrutiny of regulators since Goldman took over the warehouse company in 2010, as companies such as Coca-Cola Co (KO.N: Quote, Profile, Research, Stock Buzz) and other big metal consumers have accused it of distorting aluminum supplies. Goldman has consistently said Metro has not broken any laws or rules.

Apr 11, 2013

Goldman explores sale of Metro metals warehouse business

NEW YORK, April 11 (Reuters) – Goldman Sachs has
explored a sale of its metals warehousing business Metro
International LLC, three sources with knowledge of the matter
told Reuters, just three years after the investment bank bought
the firm for $550 million.

Detroit-based Metro has attracted the scrutiny of regulators
since Goldman took over the warehouse company in 2010, as
companies such as Coca-Cola Co and other big metal
consumers have accused it of distorting aluminum supplies.
Goldman has consistently said Metro has not broken any laws or
rules.

Apr 5, 2013

Brent crude slumps to 8-month low on weak US jobs report

NEW YORK, April 5 (Reuters) – Brent crude oil fell to an
eight-month low below $105 a barrel on Friday and was on course
for the biggest weekly slide since June, as a weak U.S. jobs
report fed worries about the economy in the world’s largest oil
consumer.

The U.S. Labor Department reported that employers added just
88,000 jobs in March, the slowest pace of hiring in nine months.
The jobless rate ticked 0.1 point lower to 7.6 percent, largely
due to people dropping out of the workforce.

Apr 3, 2013

Oil down most in 5 months as US inventories near record

NEW YORK, April 3 (Reuters) – Oil prices fell 3 percent on
Wednesday in the steepest daily drop in five months, as U.S.
crude inventories rose to their highest since 1990 and as weak
economic data weighed on the outlook for demand.

Selling was widespread across oil markets with U.S. gasoline
leading the slide, dropping more than 4 percent and taking
losses for the last two sessions to almost 20 cents a gallon.